Currently I am a sophomore at Stern University, NYU. I am majoring in CPA accounting and finance, with a minor in computer science. This memo is to inform students about different job industries and why I narrowed my choice to the accounting profession. When I first entered NYU, all I heard about was investment banking. It is the “glorious job” at NYU that all the students aspire to obtain. These are the positive and negative options that drew me to concentrate on the accounting field. I have a desire to analyze data and not necessarily focus on banking concepts.
If I had to narrow down my job specification further, I would have to say that I want to work in the Big 4 segment of the corporate accounting field for reasons I will identify later in the memo. Overall, my goal after college is to have a high paying job that gives me the freedom to work in different sectors and the opportunity to climb the “job ladder” and retire early. Below is an outline of what the accounting industry is and why I want to join the industry. When you think of accounting, you think of the Big 4 (KPMG, PriceWaterHouseCoopers, Ernst and Young, Deloitte and Touche) and their counter parts.
However, this is not the entire case. The Big 4 firms belong to what is called the corporate accounting industry and that is just one aspect of the larger accounting industry as a whole. I am majoring in CPA accounting and not regular accounting because I aspire to become a certified public accountant. The reason for this is because I can effectively start up my own accounting business or partner into a small firm and deal with public accounting. This is not the case for regular accountants. The CPA title is one of great prestige. If you want to make partner and move up in the “accounting job ladder”, then you need the CPA title.
The United States will always have a use for accountants. The Government will always charge taxes to pay for the American budget, thus the general public will always create job opportunities in this part of the market. The accounting industry is comprised of two major parts, the corporate accounting segment and the public accounting segment. Both these segments are similar in many ways, but they also have their distinct differences when it comes to having a job. Let us first start with the corporate accounting industry, comprised mainly of the Big 4 and its smaller counterparts.
The public accounting segment is one that revolves around becoming a CPA. If you would like to function anywhere in this sector, then you need to become a CPA. Being a CPA gives you a lot of freedom after college. With the CPA license, you could immediately open up your own “firm” straight out of college and practice public accounting. You could make your own hours, make your own money (by setting your own fees), do what you want when you want, and be your own boss. You would have to rent/lease an office space, hire a staff, and create a small business from scratch, things that are not that easy to do.
It is often said that 10% of start-up businesses succeed while the other 90% fail! If you are successful in running your own private accounting firm, the experience and the information you would have gathered would be priceless compared to the information you would have gathered from working in the corporate accounting world. The responsibility and task of opening up your own business, or even partnering with someone, would be enormous and would leap frog you ten/ fifteen years in life.
You potentially would become a self-made businessman at age twenty-two. I weighed my options and decided I did not want to risk the chance of opening up my own accounting firm and failing. As I enter the job force in 2006, so will thousands of college students around the world, along with those who are already unemployed or looking to change employers. Most will be college students from various universities with various degrees, ranging from business to economics to politics.
Those who are at the top of the list reside from the top colleges in the United States and the world, namely Harvard, Wharton, and the rest of the Ivy Leagues. They will have had internships and past job experience, something that will is essential in today’s day and age. Their grades will be excellent and their experience will be anything and everything a company will be looking for. They will come into their interview with a polished suit, a picture-perfect resume, and the dream of succeeding big in the real world.